The Democracy International Fund

Investor Presentation April 28, 2022

The Democracy International Fund

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Risk Disclosure and Important Information

Carefully consider the Fund's investment objectives, risk factors, charges, and expenses before investing. This and additional information can be found in the Fund’s summary or full prospectus, which may be obtained at www.democracyinvestments.com. Please read the prospectus carefully before investing. A hard copy of the prospectus can be requested by calling 877-PRO-DMCY (877-776-3629) or emailing [email protected].

Investing involves risk, including the possible loss of principal. There is no guarantee or assurance that the methodology used to create the Index will result in the Fund achieving positive investment returns or outperforming other investment products.

The Fund is subject to the risks associated with international investments, which may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from social, economic, or political instability in other nations; emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume; and investments in smaller companies typically exhibit higher volatility.

The Funds are distributed by SEI Investments Distribution Co., which is not affiliated with Democracy Investment Management LLC.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

http://www.democracyinvestments.com/

mailto:[email protected]

What’s in Your Portfolio?

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Democracy Index 2020 - Global Map by Democracy Score and Regime Type

Source: The Economist’s Democracy Index (2021)

The Economist has tracked falling global democracy scores to its recent all time low in 2021 since the Index first published in 2006, and less than half of the world’s population live in a democracy of some sort.

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Executive Summary

Goals

• Shift capital from authoritarian states and move it toward democracies

• Provide the same or better returns and volatility as alternative all-world ex-US indices

• Empower investors to strengthen democracies without sacrificing returns

Results

• 15 year back test shows that investors can get nearly identical market returns

• Since launch, the index has outperformed MSCI and FTSE all world ex-US indices

• Investors can vote with their dollars to favor global democracies and reduce support to authoritarian states without sacrificing returns

Long Term Goal: Stop fueling the growth of authoritarian states by withdrawing the hundreds of billions of dollars that have flowed (and continue to flow) into

these regimes due to investment in the market-cap only based alternatives

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OverviewChallenge: Over the last 15 years, markets and countries have become more authoritarian.

Solution: A democracy weighted international index that weights democracies ahead of authoritarianism.

© Copyright 2022 Democracy Investments, LLC. All Rights Reserved.

Solution

Challenge

Illustrative – Based on the Solactive portfolio before and after reweighting with The Economist’s Democracy Index;This graph illustrates combined democracy scores and does not display returns

Source: Democracy Investments Index Provider analysis (2022)

Constituents

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Why DMCY?

• Overweights democracies that embrace ideals such as freedom of speech, free and fair elections and civil liberties

• Underweights authoritarian states tied to human rights abuses such as genocide and child labor, as well as media censorship, judicial corruption, and a lack of free and fair elections

• Helps investors incentivize democracy by shifting capital toward democratic countries and away from authoritarian countries, creating market-based incentives for democratic reforms

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Democracy Investments International Index Comparison

12 Month Returns –USD (3/31/21 – 3/31/22)

Democracy Investments International Index 1.42%

Solactive GBS Global Markets ex US Index -1.40%

Difference +282 bps

MSCI ACWI Ex US -1.48%

Difference +290 bps

FTSE All World Ex US -0.59%

Difference +201 bps

The performance data quoted represents past performance. Past performance does not guarantee results.



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Democracy Investments Index Provider Methodology

All World Ex US Index

Starting Universe

EIU Democracy Index

Exclusive License Overlay

Democracy Investments

International IndexNew Democracy Weighted Index

The Index uses a passive management approach to create the Democracy Investments International Index.

1. Starting universe is the Solactive GBS Global Markets ex-US Large & Mid Cap USD Index (2500 securities in 49 countries, market cap weighted international equities).

2. Each security is assigned a “country of risk” based on Refinitiv.

3. The Economist’s Intelligence Unit (EIU) Democracy Index score is then applied to each security by “country of risk” and normalized.

4. Proprietary methodology results in the new index, which has greater weightings in companies in countries with higher Democracy Scores and lesser weightings in companies in countries with lower Democracy Scores.

5. The Index is rebalanced and reconstituted on a quarterly basis.


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Methodology of The Economist’s Democracy Index

The Economist Intelligence Unit’s index of democracy, on a 0 to 10 scale, is based on the ratings for 62 indicators, grouped into five categories:

1. Electoral process and pluralism

2. Civil liberties

3. The functioning of government

4. Political participation

5. Political culture

Each category has a rating on a 0 to 10 scale, and the overall Index is the simple average of the five category indexes. The category indexes are based on the sum of the indicator scores in the category, converted to a 0 to 10 scale. Adjustments to the category scores are made if countries do not score a 1 in the following critical areas for democracy:

1. Whether national elections are free and fair.

2. The security of voters.

3. The influence of foreign powers on government.

4. The capability of the civil service to implement policies.

Source: “The Democracy Index 2020”, The Economist Intelligence Unit 20219


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Norway 9.75New Zealand 9.37Finland 9.27Sweden 9.26Denmark 9.09Ireland 9.00Taiwan 8.99Australia 8.90Switzerland 8.90Netherlands 8.88Canada 8.87Luxembourg 8.68Germany 8.67South Korea 8.16Japan 8.15United Kingdom 8.10Austria 8.07France 7.99Israel 7.97Spain 7.94Chile 7.92Portugal 7.82Czech Republic 7.74Italy 7.68Greece 7.56

Source: The Economist’s Democracy Index (2021) as of Feb 2022; the US score is 7.85 but is not included since out of scope for our All-World Ex-US Index

2021 Democracy Index Scores (for 2022)Belgium 7.51Malaysia 7.24South Africa 7.05India 6.91Brazil 6.86Argentina 6.81Poland 6.80Indonesia 6.71Philippines 6.62Hungary 6.50Colombia 6.48Singapore 6.23Papua New Guinea 6.10Peru 6.09Thailand 6.04Hong Kong 5.60Mexico 5.57Turkey 4.35Pakistan 4.31Qatar 3.65Russia 3.24Egypt 2.93United Arab Emirates 2.90China 2.21Saudi Arabia 2.08


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Norway 29%Sweden 22%New Zealand 21%Canada 21%Finland 21%Australia 21%Denmark 20%Namibia 19%Ireland 19%Netherlands 18%Taiwan 17%Switzerland 16%Germany 14%U.K. 12%Chile 9%Austria 7%Japan 7%

Source: Solactive GBS Global Markets ex US Index reweighted with The Economist’s Democracy Index (2021) to create new country weightings in the Democracy Investments International Index

Democracy Investments International Index

Spain 7%France 6%South Korea 5%Italy 5%Portugal 4%Israel 3%Czech Republic 1%Belgium -1%Greece -3%Malaysia -6%South Africa -7%Colombia -8%Argentina -9%Brazil -9%Poland -10%India -13%Philippines -14%

Hungary -14%Peru -14%Indonesia -17%Mexico -20%Thailand -21%Singapore -21%Hong Kong -28%Turkey -41%Pakistan -43%Kuwait -50%Russia -57%Qatar -57%Egypt -62%United Arab Emirates -65%China -69%Saudi Arabia -70%

% Country Weight Deltas in Portfolio versus Solactive GBS Global Markets ex US Index as Baseline

(as of 3/31/22)



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Top 12 Country Weightings Most Impacted

0 2 4 6 8 10 12 14 16 18

China

Sweden

Netherlands

Korea, South

Taiwan

Australia

Germany

Switzerland

France

Canada

United Kingdom

Japan


Original Weight in Solactive GBS Global Markets Ex US Index

% Weight in Indices by Country (as of 12/31/21)



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Fund and Index Details

DEMOCRACY INTERNATIONAL FUND ETF

Ticker DMCY

Exchange NYSE

CUSIP 00774Q 148

ISIN US00774Q1489

Expense Ratio 0.50%

AUM $5.2M

Number of Holdings 187

Inception Date 3/31/2021

DEMOCRACY INVESTMENTS INTERNATIONAL INDEX

Ticker DMCYNTR

Index Calculator Solactive AG

Weighting Method Single Factor

Rebalancing Quarterly

Weighted Average $85 Billion

Median Market Cap $8 Billion

Number of Holdings 2,819

Launch Date 3/29/2021



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SectorPortfolio Weight

Benchmark Weight

Difference

Democracy International Index 100.00% 100.00% 0.00%Financials 19.23% 20.078% -0.843%Industrials 13.88% 13.189% 0.692%Information Technology 13.49% 12.481% 1.006%Consumer Discretionary 10.02% 11.062% -1.041%Health Care 9.75% 9.124% 0.627%Materials 9.32% 8.721% 0.603%Consumer Staples 8.51% 8.230% 0.281%Communication Services 5.46% 6.545% -1.087%Energy 4.65% 4.821% -0.175%Utilities 3.12% 3.210% -0.093%Real Estate 2.24% 2.539% -0.299%

Portfolio StylePortfolio Weight

Benchmark Weight

Difference

Democracy International Index 100.00% 100.00% 0.00%3 Growth 42.68% 42.254% 0.422%1 Value 31.92% 31.857% 0.067%2 Core 22.36% 23.246% -0.889%N/A 3.04% 2.643% 0.399%

Portfolio SizePortfolio Weight

Benchmark Weight

Difference

Democracy International Index 100.00% 100.00% 0.00%3 Large Cap 75.29% 75.067% 0.224%2 Mid Cap 19.33% 19.685% -0.355%N/A 3.04% 2.643% 0.399%1 Small Cap 2.34% 2.605% -0.268%

Portfolio versus Solactive World ex-US Benchmark (3/31/2019 - 3/31/2022)

© Copyright 2022 Democracy Investments, LLC. All Rights Reserved. Privileged and Confidential Material.

Source: Democracy Investments Index Provider analysis (2022); Sum of the weightings many not equal 100% due to rounding.

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1Taiwan Semiconductor

Manufacturing 2.28% Taiwan

2 Nestle 1.64% Switzerland

3 ASML 1.32% Netherlands

4 Roche Holding 1.28% Switzerland

5 Samsung Electronics 1.13% South Korea

6 Novartis 0.92% Switzerland

7 BHP Group 0.91% Australia

8 Astrazeneca 0.89% U.K.

9 Toyota 0.82% Japan

10 Novo Nordisk 0.77% Denmark

11LVMH Moet Hennessy

Louis Vuitton 0.73% France

12 Royal Bank of Canada 0.72% Canada

13 Toronto Dominion 0.63% Canada

14Commonwealth Bank Of

Australia 0.62% Australia

15 SAP 0.56% Germany

1Taiwan Semiconductor

Manufacturing 1.94% Taiwan

2 Nestle 1.41% Switzerland

3 ASML 1.12% Netherlands

4 Roche 1.11% Switzerland

5 Tencent 1.09% China

6 Samsung Electronics 1.07% South Korea

7 Novartis 0.79% Switzerland

8 Astrazeneca 0.79% U.K.

9 Alibaba 0.77% China

10 Toyota 0.77% Japan

11LVMH Moet Hennessy

Louis Vuitton 0.70% France

12 Novo Nordisk 0.64% Denmark

13 Royal Bank of Canada 0.60% Canada

14Commonwealth Bank Of

Australia 0.53% Australia

15 AIA Group 0.53% Hong Kong

Solactive GBS Global Markets ex US Index Democracy Investments International Index

Democracy Weight

Top Holdings Before and After Democracy Weighting

© Copyright 2022 Democracy Investments, LLC. All Rights Reserved. Source: Democracy Investments analysis leveraging The Economist’s Democracy Index (2020) to re-weight the Solactive GBS Global Markets ex-US Index; holdings are subject to change

Solactive World ex-US Benchmark versus Portfolio (3/31/2022)

Holdings are subject to change

APPENDIX

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Julie Cane – CEO, Managing Partner

• Julie Cane’s 20+ year background in financial services includes developing market leading innovations at Wells Fargo, Charles Schwab Advisor Services, SEI Investments and Autodesk Ventures. In 2002, Julie developed Wells Fargo Private Bank’s first high net worth and segmentation strategies resulting in more than a 100% increase in the division’s profits during the next three years. At SEI Investments, she launched and marketed eleven new mutual funds and led the conversion of $500 million in common trust funds to private-label public mutual funds.

• Julie began her career as a U.S. Naval Aviator flying the SH-3 Sea King helicopter flying combat support and search and rescue missions.

• Julie is the Chairman of the Board of Swords to Plowshares, a nonprofit helping 3,000+ military veterans, and she recently served as a Captain in the California State Guard supporting the 129th Rescue Wing at Moffett Field.

• She holds a BA from the University of Virginia and an MBA from the Anderson School at UCLA.


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Christopher Browne, CFA® – Chief Investment Officer, Partner

• Chris Browne has more than 30 years of experience in investments and financial markets. Prior to joining Democracy Investments, Chris was a Solutions Portfolio Manager for Franklin Templeton Investments, where he advised institutions and family offices on multi-asset portfolio construction.

• Before his employment at Franklin Templeton, Chris was a fixed income portfolio manager at California Investment Trust (now Shelton Capital), where he managed all fixed income investing for the firm. Other relevant experience includes Autodesk Ventures, BayStar Capital, Harris BretallSullivan & Smith, as well as Pacific Income Advisers.

• Chris received his MBA in International Business from Thunderbird, the American Graduate School of International Management, and has a B.A. in English from the University of California – Santa Barbara. Additionally, he has earned the right to use the Chartered Financial Analyst® designation.


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Richard Rikoski, PhD - Chief Economist, Partner

• Rick Rikoski is a leading data scientist with more than 20 years of experience developing probabilistic algorithms. He is the CEO and Chief Scientist of Hadal, a marine robotics company, which he co-founded in 2009. Prior to Hadal he was a civilian researcher at the Naval Surface Warfare Center in Panama City, FL. He currently holds 30 issued US patents.

• From 2014 to 2020, Rick served on the Ocean Exploration Advisory Board as a special government employee reporting to the Undersecretary of Commerce for Oceans and Atmosphere.

• Rick received a PhD in Marine Robotics and an S.M. in Ocean Engineering from the Massachusetts Institute of Technology, and a B.S. in Mechanical Engineering and Economics from Carnegie Mellon University.


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Jenny Johnson – Advisory Board Member

• Jenny Johnson is President and Chief Executive Officer of Franklin Resources, Inc. Previously, Ms. Johnson held the role of chief operating officer, overseeing the majority of investment management and all related investment management support services. She was also responsible for Franklin Templeton's global retail and institutional distribution efforts, including product development. In addition, Ms. Johnson oversaw client service, fund administration, global technology, and the company's high net worth business, Fiduciary Trust Company International. She remains a member of Franklin Resources' executive committee, a small group of the company's top leaders responsible for shaping the firm's overall strategy. She joined the company in 1988.

• In 2014, Ms. Johnson was one of ten executives named to Money Management Executive's inaugural list of Top Women in Asset Management and was chosen by her peers as one of Ignites.com's Most Influential Women in Fund Management.

• Ms. Johnson earned her B.A. in economics from the University of California at Davis. She is a board member of Riva Financial Systems. She is also a trustee at Crystal Springs Uplands School, and a board member of the Lucile Packard Children's Hospital.


Jenny JohnsonPresident & CEO

Franklin Templeton

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Ken Kroner – Advisory Board Member

• Mr. Kroner is the Chief Executive Officer of Pluribus Labs. Previously, he

was Senior Managing Director at BlackRock, and the head of Multi-Asset

Strategies and head of Systematic Active Equities. Mr. Kroner also served

on BlackRock's Global Executive and Global Operating Committees.

• Prior to BlackRock he worked at Barclays Global Investors (BGI), which

was acquired by BlackRock in 2009. At BGI, he oversaw asset allocation,

fund of hedge funds and client solutions businesses. Mr. Kroner began his

career as an economics and finance professor at the University of

Arizona.

• Mr. Kroner has a BSc in mathematics and economics from the University

of Alberta and a PhD in economics from the University of California, San

Diego. He serves or has served on several corporate, academic, and

foundation boards as well as academic journal editorial boards. His

research on forecasting volatility and asset returns has been widely

published in both academic and practitioner journals.


Ken KronerCEO

Pluribas Labs

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Michael Levas – Advisory Board Member• Mr. Levas is a Venture Partner at Irongate Capital Advisors. He is also Senior

Managing Partner at Rosc Global and heads up the firm’s team in deal

origination/sourcing and the negotiation of all contracts and deal execution.

Additionally, Mr. Levas is the Founder & Managing Principal of the Olympian

Group. He has extensive experience in business creation, the capital markets,

investment management, investment banking, and alternative funds.

• Mr. Levas’ career spans over 25+ years with leading Wall Street firms such as

Lehman Brothers, S.G. Cowen, UBS Paine Webber, Bear Stearns, and Advest. As

founder of the Olympian Group of Investment Management Co.’s Asclepius Life

Sciences Fund, and Asclepius Ventures, he has driven all facets of capital

growth, portfolio construction and development, risk management, and

trading. He has managed in excess of $500 million in various investment assets

during his career as a Founder, Managing Principal and Chief Investment Officer.

• Mr. Levas has been a featured conference speaker and university lecturer

throughout the U.S., Canada, Latin America, Europe, and Asia and has appeared

in numerous publications and media outlets including Business Week,

Bloomberg, CCTV International, Dow Jones Newswires, NPR, Nasdaq, Smart

Money, and Hedge Fund Manager Week. He is also a former Federal Registered

Lobbyist for the Hedge Fund Association (HFA).© Copyright 2022 Democracy Investments, LLC. All Rights Reserved.

Michael LevasVenture Partner

Irongate Capital Advisors

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Issuer: SEI Investments

• Founded in 1968

• $399 billion in AUM

• $1.9 trillion assets serviced

• 4,000 employees in 8 nations

• 8,700+ clients globally

• 49 of the top 100 investment managers worldwide are clients

• 10 of the top 20 banks are clients

• $96 billion in AUM on AIC

• 51 clients, 124 funds

• 30 years of series trust experience

• 19% YOY growth in AUM since 2011

• Governance― Board; Fund & Independent Trustee Counsel― Fund officers including President and CFO

• Operational Management― Administrator & Fund Accountant: SEI Global

Fund Services― Distributor: SEI Investment Distr Co (SIDCo)― Transfer Agent: Brown Brothers Harriman― Custodian: Brown Brothers Harriman― Independent Public Accountant: PwC/E&Y― Fund Counsel: Morgan Lewis Bockius

ETF Issuer is SEI’s Advisors’ Inner

Circle (AIC) PlatformAbout SEI

Source: SEI Investments, December 2021

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SEI Investment Manager Services Bios

Robert is a 25+ year veteran of the financial services industry and has held a variety of positions at SEI currently serving as a strategic relationship manager within SEI’s Investment Manager Services market unit. He extensive experience includes mutual fund, CIT and ETF operations, accounting, administration, compliance, marketing and distribution; hedge fund and private equity fund administration; and middle office servicing. His expertise is working with SEI’s clients to build effective strategic outsourcing relationships. He holds a B.A. degree in Philosophy, Politics and Economics from the University of Notre Dame, as well as FINRA Series 7 and 63 licenses. Prior to joining SEI in 1994, Robert served as a Surface Warfare Officer in the United States Navy. Stationed onboard the USS Kansas City (AOR-3), Robert held positions as Communications Officer, Admin Officer, and Navigator and completed multiple deployments to the Western Pacific Ocean and Persian Gulf. Robert Groth

Relationship ManagerInvestment Manager Services

Al joined SEI in 1998 after serving five years as a Lieutenant in the United States Navy. He has held a variety of mutual fund related positions at SEI and has extensive experience in all aspects of mutual fund operations, accounting, administration, compliance, marketing and distribution. His expertise is working with clients to build effective strategic outsourcing relationships. Al is based in the SEI San Francisco Office and is responsible for a number of SEI’s west coast-based clients. He holds a B.A. in Mathematics from Boston University, a Masters in Business Administration from San Francisco State University, as well as FINRA Series 7 and 63 licenses. Al also volunteers as a committee member for the SEI Diversity Team.Al Guinto

Account ManagerInvestment Manager Services

2525

• Comprehensive suite of portfolio management, trading, operations, and capital markets services

• Access to seasoned portfolio management team with an average of 20 years of investment experience

• Operational, trading, and regulatory infrastructure designed to efficiently and effectively support ETFs, UCITS, hedge funds, and SMAs

• Existing partnerships with most ETF service providers, including custody, administration, transfer agency, exchanges, compliance, legal, and accounting

• As of December 31, 2021, $10.1 billion under management across U.S. and international equity, fixed income, and commodities strategies

• 14 Trusts, 22 Advisor Clients, 41 ETFs, 23 UCITS and 120 SMAs

Subadvisor: Vident Investment Advisory

Source: Vident Investment Advisory, December 2021

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Vident Investment Advisory Bios

Rafael Zayas, CFA, became Senior Vice President, Head of Portfolio Management and Trading at the Sub-Adviser in June 2020. From 2017 to 2020, he was Senior Portfolio Manager – International Equity at the Sub-Adviser. Prior to joining the Sub-Adviser, he was a Portfolio Manager – Direct Investments for seven years at Russell Investments, a global asset manager, where he co-managed more than $4 billion in quantitative strategies across global markets. Mr. Zayas also helped Russell Investments launch its sponsored ETF initiative and advised on index methodologies. Prior to joining Russell Investments, Mr. Zayas was a Portfolio Manager – Equity Indexing at Mellon Capital Management, where he managed assets for internationally listed global equity ETFs. Mr. Zayas graduated with a BS in Electrical Engineering from Cornell University and obtained a Certificate in Computational Finance and Risk Management from the University of Washington. He also attained the Chartered Financial Analyst designation in 2010.

Rafael ZayasPortfolio Manager for


Amrita NandakumarPresident

Vident Inv. Advisory

Ryan DofflemeyerPortfolio Manager for


Ryan Dofflemeyer is a Senior Portfolio Manager for the Sub-Adviser, specializing in managing and trading of global equity and multi-asset portfolios. Prior to joining the Sub-Adviser in August 2020, he was a Senior Portfolio Manager at ProShare Advisors LLC (“ProShare”) for over $3 billion in ETF assets across global equities, commodities, and volatility strategies. Mr. Dofflemeyer held various positions with ProShare from October 2003 until August 2020. From 2001 to 2003, he was a Research Analyst at the Investment Company Institute in Washington DC. Mr. Dofflemeyer holds a BA from the University of Virginia and an MBA from the University of Maryland.

Amrita Nandakumar is an industry veteran experienced in business strategy, product development, integrated marketing, and relationship management. In 2013, Ms. Nandakumar joined Van Eck as a Senior ETF Product Manager, where she oversaw a suite of over a dozen international equity ETFs, led new product launches, and developed critical relationshipswithin the ETF industry. Ms. Nandakumar later transitioned to a new role, Director of Corporate Strategy and Development, where she led various corporate initiatives and managed firm-wide strategic and operational projects, including the successful acquisitions of a European asset manager and a global index provider. Prior to joining Van Eck, she spent several years at Vanguard as a Senior Investment Consultant partnering with financial advisors, as well as holding other roles within Vanguard’s ETF Product Management and Corporate Strategy groups. Ms. Nandakumar holds a BA in Economics and Political Science from The George Washington University and an MBA from The Wharton School of the University of Pennsylvania. She also holds her FINRA Series 24, 7, and 63 accreditations.

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Compliance: Cipperman Compliance Services

• 20+ professionals from the investment industry

• Established in 2004

• 90+ clients with 120+ engagements

• $30+ billion under management

• Registered funds, advisers, alternatives

• Founder, Todd Cipperman, was formerly general counsel to SEI Investments

Source: Cipperman Compliance Services, October 2021

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Cipperman Compliance Services Bios

Todd is the founding principal of Cipperman Compliance Services (CCS). Todd has over 25 years of experience in the investment management and financial services industries. He has represented a wide range of investment management clients with a focus on distribution issues facing investment managers and broker-dealers. He previously served as general counsel of SEI Investments, a public mutual fund and financial technology firm. Prior to that, Todd spent several years in private practice on Wall Street representing both buy and sell side clients in investment management and capital markets transactions. He is a graduate of the University of Pennsylvania Law School and Cornell University.

As Ciperman’s Chief Compliance Officer, Joe is responsible for the quality and content of all compliance deliverables to all clients. Joe has over 25 years of experience in the financial services and asset management industry. Most recently, Joe served as Chief Operating Officer for Palladiem, LLC, an investment manager. In his role at Palladiem, Joe was primarily responsible for establishing and supervising the entire firm’s operations including risk management and compliance. Prior to that, Joe served as Director of Trading, Operations, and Risk Management for Lockwood Advisors, Inc. Before joining Lockwood, Joe supervised operations for the managed account division of Gruntal & Co. in New York. Joe started out his financial services career in portfolio administration at Valley Forge Asset Management, a regional investment manager. Joe attended Villanova University majoring in Political Science.

Carolyn has nearly 20 years of experience in the financial services industry. Carolyn serves as a Compliance Manager, who assists registered investment advisor clients with the day-to-day management of their compliance programs. Prior to joining CCS, Carolyn served as compliance manager for Brinker Capital Inc. and Brinker Capital Securities collaborating with the Chief Compliance Officer in the design, development and management of the firm’s compliance program. Carolyn attended Delaware County Community College. She holds the following FINRA licenses: Series 7 and 24.

Erik has over 17 years of experience in the financial services and wealth management industry. Most recently, Erik served as Chief Operating Officer and Chief Compliance Officer for Asset Planning Services, Ltd, a comprehensive wealth planning firm. In his role at Asset Planning Services, Erik was primarily responsible for establishing, directing, and supervising the firm’s compliance, operations, and technology functions. Erik spent the majority of his career in the managed account business at BNY Mellon, working primarily in the Pershing Managed Investments and Lockwood Advisors business lines.. Prior to leaving BNY Mellon, Erik last served as Director, Sr. Group Manager for Lockwood Advisors, where he had primary responsibilities for the day-to-day operations of the investment advisory operations team. Erik earned a B.A. in both economics and international relations from Lehigh University and a M.S. Financial Services from St. Joseph’s University. Erik is an Investment Adviser Certified Compliance Professional (IACCP®), Six Sigma Green Belt, and has a Professional Certificate in Project Management from Villanova University.

Joe ScavettiCCS CCO

Todd CippermanManaging Principal

Erik MorrisDemocracy Investment’s CCO

Carolyn BushRelationship Manager

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Lead Market Maker: GTS

• GTS is a global electronic market maker, powered by combining market expertise with innovative, proprietary technology.

• As a quantitative trading firm continually building for the future, GTS leverages the latest in artificial intelligence systems and sophisticated pricing models to bring consistency, efficiency, and transparency to today’s financial markets.

• Accounts for approximately 5% of all U.S. equities trading volume each day.

• Trades over 10,000 different instruments globally.

• The largest Designated Market Maker (DMM) at the New York Stock Exchange, responsible for nearly $12.5 trillion of market capitalization.

As a Principal of GTS, Mr. Browne directs the strategy, vision and customer engagement of GTS customer business within the strategic partnership with Mischler Financial. Mr. Browne has more than 30 years of experience in equities, equity derivatives market making and client management. Mr. Browne has spent the last 20 years helping clients build and grow their business. Prior to GTS, Mr. Browne was a Senior Managing Director and Co-Head of the ETF Group at Cantor Fitzgerald & Co. Mr. Browne has held senior leadership roles at NewEdge USA, Susquehanna International Group and O’Connor Associates; Mr. Browne has advised Asset Managers on the delivery of investment products to the marketplace and has played a significant role in the development of the United States Exchange Traded Funds industry.

Mr. Browne earned his Bachelor’s degree in Business Administration from La Salle University; he currently serves as a trustee. Mr. Browne also serves on a number of non-profit boards largely centered on the arts.

Reginald M. BrownePrincipal

GTS BioSource: GTS, March 2021

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BlackRock’s iShares MSCI Emerging Markets ETF

• When the MSCI switch to include China A shares took full effect last year, China’s share rose to some 33% of its main emerging-markets index from around 28% before the inclusion. The move steered tens of billions of dollars into China’s stock market, analysts estimate. China stocks have since gained ground to make up roughly 40% of the index.

Source https://www.wsj.com/articles/china-has-one-powerful-friend-left-in-the-u-s-wall-street-11606924454?mod=searchresults_pos6&page=2

31Source: Price divided by 12-month forward consensus expected operating earnings per share. Monthly through December 2005, weekly thereafter. I/B/E/S data by Refinitiv and MSCI. Yardini Global Index Briefing: Sept 23, 2021

U.S. forward PE ratios are at a relative high compared to International

32Source: Price divided by 12-month forward consensus expected operating earnings per share. Monthly through

December 2005, weekly thereafter. I/B/E/S data by Refinitiv and MSCI. Yardini Global Index Briefing: Sept 16, 2021

The spread between U.S. and International is also at a relative high

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For More Information

Ticker DMCY listed on NYSE

Web: www.democracyinvestments.com

CONTACT

Email: [email protected]

Phone: 415-933-0805

FUND INFORMATION AND PROSPECTUS

Phone: 877-PRO-DMCY (877-776-3629)

Email: [email protected]

LinkedIn: democracy-investments

Twitter: @DemocracyDmcy

http://www.democracyinvestments.com/



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Disclosure

Democracy Investment Management LLC (“Democracy Investment Management”) is an SEC registered investment adviser with its principal place of business in the State of California. Registration does not imply a certain level of skill or training. Additional information about Democracy Investment Management, including our business, fees, and services is available upon request or by going to the SEC’s website at www.adviserinfo.sec.gov.

Democracy Investments has entered into an agreement with The Economist Group to license their “Democracy Index” for five years. The Economist Intelligence Unit (EIU), the research and analysis division of Economist Group, provides forecasting and advisory services through research and analysis and is responsible for the Democracy Index. The EIU’s Democracy Index provides a snapshot of the state of world democracy for 165 independent states and two territories. The Democracy Index is based on five categories: electoral process and pluralism; civil liberties; the functioning of government; political participation; and political culture. Each category has a rating on a 0 to 10 scale, and the overall index is the simple average of the five category indexes. Full democracies have scores greater than 8; authoritarian regimes have scores less than or equal to 4.

It is not possible to invest directly into an index. Democracy Investments selects securities based on applying its proprietary methodology which incorporates the Democracy Index. These securities are subject to transaction, custodial and other fees, which decrease shareholder returns. Investing in the stock market involves gains and losses and may not be suitable for all investors.

This presentation contains information derived from third party sources. Although Democracy Investments believes these sources to be reliable, it makes no representations as to the accuracy of any information prepared by any unaffiliated third party incorporated herein, and takes no responsibility, therefore. Information presented herein is subject to change without notice and should not be considered as a solicitation to buy or sell any security.

Nothing contained herein constitutes investment, legal, tax or other advice nor is it to be relied on in making an investment or other decision.


http://www.adviserinfo.sec.gov/

Documents

The Democracy International Fund